PSX warns of rising fraudulent groups on social media

October 03, 2024 (MLN): Pakistan Stock Exchange Limited (PSX) has alerted the investing public regarding the surge in fraudulent activities through different social media platforms.

Some illegal social media groups and forums are using AI technology and conventional methods to entice the investing public to join in or fill in forms through WhatsApp groups, Facebook/ Meta, and other social media channels.

The scammers misuse the name of the registered professionals or claim to be affiliated with a legitimate company to lure the investing public to participate in unauthorized investment schemes.

Scammers' correspondence might often look authentic as such scammers use the regulator name, logo, and images, as well as impersonate as part of top management and proprietary material which looks official.

The fraudulent groups and forums promise guaranteed fixed returns with minimal or no risk and provide exclusive access to insider tips and training on investments.

They also ask to share personal or financial information or to send money directly to the individual or a third party.

To avoid becoming a victim of such types of scams, the investing public is warned to be wary and alert of unsolicited investment advices from illegal social media groups and forums.

Trading in shares of listed companies should only be conducted through SECP-licensed securities brokers. A list of licensed securities brokers is available at this link.

The PSX has investing public to regularly visit the official websites/ social media pages of SECP, PSX, CDC and NCCPL in order to keep themselves updated and make well-informed and prudent investment decisions.

These official websites and accounts of PSX are PSX Website, Facebook, Instagram, Twitter/X, LinkedIn, Youtube, Tiktok, and WhatsApp.

In the context of the above, PSX has warned the general public not to deposit, invest, or deal with illegal and unauthorised groups and forums on social media.

PSX said it will not be held responsible for any loss or damage incurred by any person due to unauthorised use of its intellectual property or misrepresentation of any person which may include viewing, subscribing, or signing up for any unauthorised social media pages, posts, web-groups or WhatsApp groups.

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